The Global Brand Owner Joins Schottenstein in the Home Furnishings Industry with the Acquisition of Heritage Home Brands
NEW YORK, New York – October 19, 2018 – Authentic Brands Group (ABG), a global brand owner, marketing, and entertainment company, today announced that it has joined with Jay Schottenstein to emerge as the successful bidder to purchase the intellectual property of Heritage Home Group LLC in an auction conducted under Section 363 of the U.S. Bankruptcy Code. Through a newly-formed company, ABG and entities controlled by Jay Schottenstein will partner to purchase proprietary brands including Thomasville, Broyhill, Drexel and Henredon, with ABG taking the majority stake.
“This is a significant step in ABG’s development as the acquisition puts us firmly in the home furnishings business,” said Jamie Salter, Chairman and CEO of ABG. “We’ve been looking at this sector for several months and the Heritage Home brands deliver against our strategic focus of both growing and diversifying the ABG portfolio. “Each of these brands has a unique history and tremendous consumer equity that positions them for global expansion.”
Jay Schottenstein, Chairman & CEO of Schottenstein Stores Corporation, American Signature Inc./Value City Furniture stated “We are thrilled to once again join forces with ABG on this strategic purchase. Leveraging their expertise with our long history in the furniture business and the knowledge and operational experience of our own SB360 Capital Partners will further the growth of these renowned American brands.”
Thomasville, Broyhill, Drexel and Henredon are established brands at key home retailers around the world. This foundation will continue to play a vital role in the brands’ evolution as ABG will soon announce new operating partners to produce case goods and upholstered furniture for the brands. ABG plans to unlock the portfolio’s potential by engaging with current and untapped audiences via new categories, refreshed content, and innovative storytelling.
The sale is subject to approval by the Bankruptcy Court and certain customary closing conditions set forth in the purchase agreement. The sale is expected to be completed by the end of 2018.
About Authentic Brands Group: Authentic Brands Group (ABG) is a brand development, marketing, and entertainment company, which owns a portfolio of global entertainment and lifestyle brands. Headquartered in New York City, ABG manages, elevates, and builds the long-term value of more than 50* consumer brands and properties by partnering with best-in-class manufacturers, wholesalers, and retailers. Our brands have a global retail footprint in more than 50,000 points of sale across the luxury, specialty, department store, mid-tier, mass, and e-commerce channels and more than 4,500 branded freestanding stores and shop-in-shops around the world. ABG is committed to transforming brands by delivering compelling product, content, business, and immersive brand experiences. We create and activate original marketing strategies to drive the success of our brands across all consumer touchpoints, platforms, and emerging media. ABG’s global portfolio of iconic and world-renowned brands includes Marilyn Monroe®, Mini Marilyn®, Elvis Presley®, Muhammad Ali®, Shaquille O’Neal®, Dr. J®, Greg Norman®, Neil Lane®, Thalia®, Michael Jackson® (managed brand), Nautica®, Aéropostale®, Juicy Couture®, Vince Camuto®*, Herve Leger®, Judith Leiber®, Frederick’s of Hollywood®, Nine West®, Frye®, Jones New York®, Louise et Cie®*, Sole Society®*, Enzo Angiolini®*, CC Corso Como®*, Hickey Freeman®, Hart Schaffner Marx®, Adrienne Vittadini®, Taryn Rose®, Bandolino®, Misook®, 1.STATE®*, CeCe®*, Chaus®*, Spyder®, Tretorn®, Tapout®, Prince®, Airwalk®, Vision Street Wear®, Above The Rim®, Hind®, Thomasville®*, Broyhill®*, Drexel®* and Henredon®*. For more information, please visit ABG-NYC.com.
*Pending closing of the Camuto Group and Heritage Home Group brand acquisitions in Q4 of 2018.
About Schottenstein Family of Companies : The Schottenstein Family of Companies – unique in its make-up and representing a powerful collection of businesses – include retail, wholesale, manufacturing, asset management/restructuring services, real estate management, real estate development, SAAS, entertainment and financial services.
Schottenstein Stores Corporation (“SSC”), based in Columbus, Ohio, and the keystone of the group, is where the Schottenstein family established its retail roots. Jay Schottenstein has served as its chairman since 1992 and leads the diverse companies affiliated with SSC which include American Eagle Outfitters, Inc. (NYSE: AEO), DSW, Inc. (NYSE :DSW), American Signature Inc./Value City Furniture, Schottenstein Property Group, SB360 Capital Partners, Second Avenue Capital Partners, Blueport Commerce, Tincati Milano, Retail Entertainment Design, TACKMA, Mayacamas Vineyards, and Equiant Financial Services.